The Indian stock market closed lower on Monday, despite the US stock market reaching new highs the previous Friday. Investors responded to second-quarter 2024 earnings, with the Nifty 50 index ending 112 points down at 24,741, the Sensex losing 73 points to close at 81,151, and the Nifty Bank index falling 226 points to 51,867. Cash market volumes on the NSE were down by 1.65%, and the broader market indices underperformed the Nifty 50. The advance-decline ratio was weak at 0.29:1.
Sumeet Bagadia’s Market Outlook and Stock Picks
Sumeet Bagadia, Executive Director at Choice Broking, pointed out that the Nifty 50 is facing tough resistance at the 25,050 level, while it has built a strong support base between 24,650 and 24,700. If the Nifty 50 falls below this support range, it could lead to more selling pressure. However, a fresh upward trend may start only if the index breaks above 25,300. Bagadia advises a stock-specific strategy, especially with ongoing Q2 results. For traders looking for short-term opportunities, he recommends focusing on breakout stocks for intraday trades.
Sumeet Bagadia’s Five Breakout Stock Picks
Bagadia recommends buying the following stocks, citing potential breakout opportunities:
Ganges Securities
- Buy Price: ₹223
- Target: ₹239
- Stop Loss: ₹215
JSW Holdings
- Buy Price: ₹10,735
- Target: ₹11,400
- Stop Loss: ₹10,350
Nahar Capital and Financial Services
- Buy Price: ₹337.50
- Target: ₹354
- Stop Loss: ₹348
Silgo Retail
- Buy Price: ₹50
- Target: ₹54
- Stop Loss: ₹48
TTL
- Buy Price: ₹126.58
- Target: ₹135
- Stop Loss: ₹122
Bagadia recommends maintaining a careful approach during this earnings season, as stock-specific moves are likely in reaction to Q2 results.
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